FHA Stop Foreclosure
FHA has announced a new loan product called the FHA Secure Loan. The program was designed to help To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily. for homeowners who are unable to refinance at this time and are struggling with adjustable rate mortgages. President Bush announced plans today at the White House to expand the Federal Housing Administration so that an additional 80,000 risky borrowers can benefit from its mortgage insurance program. This is just a response from the White House to perceive their war to help stop the foreclosure crisis. Remember this is an election year.
Currently FHA loans have the best record for defaults having less than half as many as the non government commercial subprime loans. Relaxing the standards for FHA backed loans in my opinion is throwing good money after bad.
Bush's plan would allow risky borrowers to qualify for FHA's mortgage insurance even if they have recently become delinquent, as long as they have relatively sound credit. FHA currently does not allow delinquent borrowers to qualify for loan insurance. It would also alter the code to help borrowers refinance their loans with FHA insurance.
they have recently become delinquent, as long as they have relatively sound credit. FHA currently does not allow delinquent borrowers to qualify for loan insurance. It would also alter the code to help borrowers refinance their loans with FHA insurance. Altering the code is not a good thing we need to implement a plan that will not take the FHA down with the rest of the mortgage companies.
This is great for homeowners who can "qualify" for this program and I am anxious to see what the underwriting guidelines will be. That will show me exactly what this will do to assist borrowers to refinance out of their current ARM and into a fixed FHA Secure Loan.
There are still about 2 million homeowners that will still be left to fend for themselves as President Bush announced there would be no bail out for borrowers who purchased homes that he claimed they could not afford. He forgot to mention that many of these homeowners were pushed into these loans and properties with the help of these lenders and real estate agents who were just doing their jobs and hell if they could "qualify" for a loan then they can "afford" the home.
The FHA Secure is a bandaid but still will not solve the and it will not be the answer to help To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily. for most American's!
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